Untitled Deck Flashcards
What is the definition of a company according to Section 2(17)?
A company means a company formed and registered under the Companies Act, 2017 or the company law.
What does ‘company law’ refer to according to Section 2(18)?
Company law means the repealed Companies Act, 1913, Companies Ordinance, 1984, Companies Ordinance, 2016, and also includes Companies Act, 2017 unless the context provides otherwise.
What is the definition of ‘body corporate’ according to Section 2(9)?
‘Body corporate’ or ‘corporation’ includes a company incorporated under Companies Act, 2017 or company law, a company incorporated outside Pakistan, or a body corporate declared as body corporate in the relevant statute, but does not include a co-operative society registered under any law relating to the registration of co-operative societies.
What entities are excluded from the definition of ‘body corporate’?
Exclusions include a co-operative society registered under any law relating to the registration of co-operative societies and any other entity not being a company as defined in Companies Act, 2017 which the concerned Minister of the Federal Government may specify.
What is the literal meaning of ‘body corporate’?
The literal meaning of ‘body corporate’ is artificial legal person, and therefore, every company is also a body corporate.
What additional entities does the definition of ‘body corporate’ include?
The definition includes companies registered in foreign countries and statutory body corporates, such as the State Bank of Pakistan constituted under State Bank of Pakistan Act, 1956.
Are cooperative societies considered body corporates under the Companies Act, 2017?
No, for the purpose of Companies Act, 2017, a cooperative society shall not be considered a body corporate.
Can the Federal Government exclude entities from the definition of ‘body corporate’?
Yes, the Federal Government may exclude a foreign company or statutory body from the definition of body corporate for the purposes of the Act.
